Padlet Seven - Journal Entry Classifications by Linda Batch

linda_batch — 2014-05-22 15:10:50 UTC

Accruals - events that have occurred for which there is no transaction in the computer system.

linda_batch — 2014-05-22 15:11:09 UTC

Deferrals - Entries made at the end of an accounting period to reflect the exchange of cash prior to the performance of the related event.

linda_batch — 2014-05-22 15:11:36 UTC

Estimates - entries that reflect a portion of expenses expected to occur over a number of accounting periods.

linda_batch — 2014-05-22 15:11:57 UTC

Reversing Entries - entries that reverse in the following accounting period.

linda_batch — 2014-05-22 15:12:40 UTC

Revaluations - entries made to reflect either differences between the accrual recorded value of an asset or a change in accounting principle.

linda_batch — 2014-05-22 15:13:04 UTC

Recurring entries - entries that are repeated each accounting period.

linda_batch — 2014-05-22 15:13:29 UTC

Corrections - entries made to counteract the effects of errors found in the GL.

linda_batch — 2014-05-22 15:13:58 UTC

Payroll liability 234,000

Payroll expense 234,000

To reverse payroll applicable to a prior period

linda_batch — 2014-05-22 15:14:21 UTC

Cash 3,000

Unearned revenue 3,000

To record sales of future consulting services

linda_batch — 2014-05-22 15:14:49 UTC

Short term investments - FV-NI

Gain on short term investments - FV-NI

To record a gain on the FV-NI investments

linda_batch — 2014-05-22 15:15:12 UTC

Accounts payable 4,000

Notes payable 4,000

To properly classify the liability

linda_batch — 2014-05-22 15:15:32 UTC

Warranty expense 20,000

Warranty liability 20,000

To record estimated warranty liability

linda_batch — 2014-05-22 15:15:55 UTC

Inventory 5,000

Accounts Payable 5,000

To record inventory in transit.

linda_batch — 2014-05-22 15:16:25 UTC

Depreciation expense 3,250

Accumulated depreciation 3,250

To record monthly depreciation expense